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View of Doha Westbay area from above. This area is the center of business in Qatar. High skyscrapers are settled here. Getty Images
DUBAI: Qatar's economy contracted by 3.9% in the fourth quarter of 2020, government data showed, with transportation and storage activity plummeting 32.8% and construction down nearly 5%.
Gross domestic product, based on constant prices, also fell on a quarterly basis, decreasing by 0.5% in the fourth quarter, the Planning and Statistics Authority said in a statement.
GDP shrank 4.5% in the third quarter on annual basis but grew 5.6% compared to the previous three months.
In December, the International Monetary Fund projected Qatar's GDP contraction in 2020 at 2.5%. It projected a rebound to growth of 2.7% in 2021.
(Reporting by Yousef Saba; Editing by Catherine Evans) ((Yousef.Saba@thomsonreuters.com; +971562166204; https://twitter.com/YousefSaba))
